Chemung Canal Trust Co. Has $251,000 Position in Salesforce Inc. $CRM

Key Points

• Chemung Canal Trust Co. sharply reduced its Salesforce stake by 85.6% in the first quarter, leaving it with 1,343 shares valued at about $251,000.
• Salesforce is still drawing mixed Wall Street views, but TD Cowen reaffirmed a Buy rating with a $240 target, pointing to AI momentum and growth from Agentforce. Overall, analysts remain moderately bullish, with a consensus target of $257.61.
• The company recently reported better-than-expected quarterly results, with earnings of $3.88 per share and revenue of $11.13 billion, while also authorizing a $25 billion share buyback and announcing a quarterly dividend of $0.44 per share.

Chemung Canal Trust Co. trimmed its position in Salesforce Inc. (NYSE:CRM - Free Report) by 85.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,343 shares of the CRM provider's stock after selling 7,989 shares during the quarter. Chemung Canal Trust Co.'s holdings in Salesforce were worth $251,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in shares of Salesforce by 13.7% during the 4th quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider's stock worth $8,582,000 after buying an additional 3,102 shares during the last quarter. Revolve Wealth Partners LLC boosted its stake in Salesforce by 12.6% in the fourth quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider's stock valued at $611,000 after buying an additional 205 shares in the last quarter. Bison Wealth LLC grew its position in Salesforce by 9.0% in the fourth quarter. Bison Wealth LLC now owns 2,234 shares of the CRM provider's stock valued at $747,000 after acquiring an additional 184 shares during the last quarter. Sivia Capital Partners LLC raised its stake in Salesforce by 3.7% during the second quarter. Sivia Capital Partners LLC now owns 2,958 shares of the CRM provider's stock worth $807,000 after acquiring an additional 106 shares in the last quarter. Finally, United Bank raised its stake in Salesforce by 5.2% during the second quarter. United Bank now owns 10,198 shares of the CRM provider's stock worth $2,781,000 after acquiring an additional 500 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Key Salesforce News

Here are the key news stories impacting Salesforce this week:

• Positive Sentiment: TD Cowen reiterated a Buy rating and a $240 price target on Salesforce, citing AI momentum and growth tied to Agentforce, which reinforces the bullish long-term case for the stock. TD Cowen Reaffirms Buy Rating on Salesforce (CRM) as AI Momentum and Agentforce Drive Growth
• Positive Sentiment: Coverage of Salesforce’s Agentforce and broader AI strategy suggests the company is still seen as a serious player in enterprise AI, which may help offset fears that legacy software growth is slowing. Salesforce Agentforce: A Comprehensive Enterprise Cheat Sheet and Review
• Neutral Sentiment: Several commentary pieces argue Salesforce has been overly sold off and may be undervalued after its post-earnings decline, but these are more valuation arguments than fresh catalysts. Salesforce: Taking Advantage Of The Market's Misunderstanding Of Enterprise Software
• Neutral Sentiment: Salesforce’s acquisition of m3ter to expand dynamic pricing tools adds to its AI CRM platform, but the immediate stock impact looks limited so far. Salesforce expands AI CRM with acquisition of m3ter for dynamic pricing
• Negative Sentiment: One article notes Salesforce is still down sharply since its last earnings report, reminding investors that sentiment remains fragile despite the recent rebound. Salesforce (CRM) Down 14.8% Since Last Earnings Report: Can It Rebound?
• Negative Sentiment: Another report says Salesforce is trying to defend its AI position with new tools for RIAs, but experts are raising concerns about cost, implementation, and benefits, which could limit enthusiasm. Salesforce tries to catch up on AI -- and halt precipitous stock slide -- with launch of 'Agentic Advisor' for RIAs

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Needham & Company LLC reissued a "buy" rating on shares of Salesforce in a research note on Tuesday, June 16th. Northland Securities lowered their price target on shares of Salesforce from $267.00 to $229.00 and set a "market perform" rating for the company in a report on Tuesday, March 10th. HC Wainwright downgraded shares of Salesforce to a "negative" rating in a report on Thursday, June 18th. Weiss Ratings cut Salesforce from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, June 17th. Finally, Wells Fargo & Company cut their price objective on Salesforce from $210.00 to $200.00 and set an "equal weight" rating on the stock in a report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, eleven have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $257.61.

Salesforce Price Performance

CRM stock opened at $158.23 on Friday. The company has a market capitalization of $129.59 billion, a P/E ratio of 18.31, a PEG ratio of 0.99 and a beta of 1.16. The company has a fifty day moving average price of $175.56 and a 200-day moving average price of $201.20. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.79 and a current ratio of 0.79. Salesforce Inc. has a 52-week low of $146.32 and a 52-week high of $276.80.

Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 27th. The CRM provider reported $3.88 earnings per share for the quarter, topping the consensus estimate of $3.13 by $0.75. The company had revenue of $11.13 billion for the quarter, compared to analysts' expectations of $11.05 billion. Salesforce had a net margin of 18.73% and a return on equity of 18.72%. Salesforce's revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.58 earnings per share. Salesforce has set its FY 2027 guidance at 14.060-14.120 EPS and its Q2 2027 guidance at 3.250-3.270 EPS. As a group, equities analysts expect that Salesforce Inc. will post 10.29 EPS for the current year.

Salesforce declared that its board has approved a share buyback program on Monday, March 16th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the CRM provider to purchase up to 14.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Thursday, June 11th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Thursday, June 11th. Salesforce's payout ratio is 20.37%.

About Salesforce

Salesforce, founded in 1999 and headquartered in San Francisco, is a global provider of cloud-based software focused on customer relationship management (CRM) and enterprise applications. The company popularized the software-as-a-service (SaaS) model for CRM and has built a broad portfolio of products designed to help organizations manage sales, service, marketing, commerce and analytics through a unified, cloud-first platform.

Core offerings include Sales Cloud for sales automation, Service Cloud for customer support, Marketing Cloud for digital marketing and engagement, and Commerce Cloud for e-commerce.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.